'Sydney is the New York of Australia'

'Sydney is the New York of Australia': Harbour city's property prices soar by $10,000 a MONTH as home values DOUBLE in just eight years

Property prices in Sydney are soaring by a rate of $10,000 a month with home values doubling in just the last eight years.

Sydney has been dubbed the 'New York of Australia' where only white collar professionals or people who have inherited money can afford to buy a home.

With the city's median house price sitting at a daunting $852,000, CoreLogic data shows Sydney's dwelling values have almost doubled, rising by 97.5 per cent since the global financial crisis.

Sydney's median house price is more than double Brisbane's $486,000 and easily trumps Melbourne's $641,000, according to the data.

Australian property mogul John McGrath likened Sydney to the notoriously expensive Manhattan, and said he was surprised by the pace of the market since 2009.

'Sydney is the New York of ­Australia,' he told realestate.com.au.

This article was originally published by PETER DEVLIN FOR DAILY MAIL AUSTRALIA 4 Jan 2017.